Instructions

ZOOM IN by clicking on the page. A slider will appear, allowing you to adjust your zoom level. Return to the original size by clicking on the page again.

MOVE the page around when zoomed in by dragging it.

ADJUST the zoom using the slider on the top right.

ZOOM OUT by clicking on the zoomed-in page.

SEARCH by entering text in the search field and click on "In This Issue" or "All Issues" to search the current issue or the archive of back issues
respectively.
.

PRINT by clicking on thumbnails to select pages, and then press the
print button.

SHARE this publication and page.

ROTATE PAGE allows you to turn pages 90 degrees clockwise or counterclockwise.Click on the page to return to the original orientation. To zoom in on a rotated page, return the page to its original orientation, zoom in, and
then rotate it again.

CONTENTS displays a table of sections with thumbnails and descriptions.

ALL PAGES displays thumbnails of every page in the issue. Click on
a page to jump.

A23
FRIDAY,
MARCH 27,
2015
• Twitter: @GuardianTT • Web: guardian.co.tt
NASSAU---Officials say the opening
of a roughly US$3.5 billion hotel-and-
casino project in the Bahamas has been
delayed due to incomplete work by the
lead contractor.
Some hotels attached to the sprawling
Baha Mar gambling resort development
in the islands capital of Nassau were
due to open Friday. But Baha Mar says
this week s "paced opening" has been
delayed because the contractor "has not
completed the work with an attention
to detail" consistent with its standards.
The company says it expects to cel-
ebrate its grand opening during the first
week in May.
The megaresort touted as the most
expensive project ever in the Bahamas
is expected to be a roughly 1,000-acre
(405-hectare) complex with hotels, some
40 restaurants and clubs, a golf course
and what s billed as the Caribbean s
biggest casino.
(AP)
Baha Mar delays opening of Bahamas megaresort
NADALEEN SINGH
For the fifth consecutive year,
the operating profit of the ANSA
McAL Group of Companies, parent
company of Guardian Media Lim-
ited (GML), has exceeded the $1
billion mark.
The group s 2014 financial results,
which were released yesterday, show
that profit before tax was $1,065,462
compared to $1,144,117 last year. In
addition, the group earned more
than $6 billion in revenue for the
period ended December 31, 2014,
with the best performances from
its automotive, trading and distri-
bution sectors.
Speaking at the release of the
group s latest financial results, Group
Chairman and Chief Executive A
Norman Sabga said the gains from
the top performing sectors had offset
declines in manufacturing, packaging
and brewing.
Sabga said profit before tax in the
bank group declined by 23 per cent,
mainly due to weak returns in port-
folios.
Commenting on the labour prob-
lems being experienced in the private
sector, Sabga said the group sees
labour as one of its assets and has
not experienced a shortfall in labour
supply. He said due to the nature,
training and the environment which
companies in the group offers, "it
attracts the labour force" the group
requires. Labour is a big investment,
he added, and over a "sustained"
period the group has been settling
negotiations at between 9 and 12
per cent, so that in many of its com-
panies the wage bill is at the top of
the market.
"We have done surveys which
have shown in some of our indus-
tries our wages are already higher
than our peers. I don t think there
is any reason why we would have
to settle wage bills/new agreements
at a level that is higher than the pre-
vailing rate. I don t foresee a problem
in that area unless expectations
become out of hand," he said.
He also said the group had not
been severely affected by the foreign
exchange supply problems that have
affected many local business.
"We ve been able to meet all of
our commitments. We worked with
all the banks. We have not reneged
on any foreign exchange payments.
From time to time there is a tight-
ness in the market but we have been
able to meet all our payments."
Although he did not give too
many details, Sabga confirmed that
GML s radio division was about to
launch a new station on the FM
band.
He explained: "We are closing
down the AM station (730 AM) and
we have acquired an FM station.
The FM station will follow the for-
mat of the AM station. I don t want
to take away their thunder when
they announce it."
Millions lost in road blocks
The ANSA McAL Group suffered
heavy losses in Monday s "total
policing" exercises when roadblocks
across the country caused massive
traffic gridlock.
"We have lost millions of dollars
as well. Our distribution companies
(could not operate), our trucks and
vehicles could not leave the com-
pound. We literally lost a day s sales
in terms of our distribution com-
pany," Sabga saud.
"Our executives turned around
and worked from Chaguanas. There
was a level of discomfort, those who
made it to work, we had to let them
go home early because there was a
concern that the same thing would
happen in the evening."
ANSA McAL profits cross $1b mark
ANSA McAL Group Chairman and Chief Executive A Norman Sabga speaks to stockbrokers after the group's
release of its 2014 year end results at Tatil Building, Maraval Road, Port-of-Spain, yesterday.
PHOTO: NICOLE DRAYTON